Bank of America Co. (NYSE:BAC) Shares Sold by New York Life Investment Management LLC

New York Life Investment Management LLC reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 0.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,043,039 shares of the financial services provider’s stock after selling 939 shares during the quarter. New York Life Investment Management LLC’s holdings in Bank of America were worth $41,482,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. International Assets Investment Management LLC purchased a new position in Bank of America in the fourth quarter valued at about $3,502,000. Brio Consultants LLC acquired a new position in shares of Bank of America in the 4th quarter valued at approximately $227,000. Gilbert & Cook Inc. boosted its stake in shares of Bank of America by 4.0% during the 4th quarter. Gilbert & Cook Inc. now owns 17,388 shares of the financial services provider’s stock valued at $585,000 after buying an additional 662 shares during the last quarter. Rollins Financial grew its position in shares of Bank of America by 12.5% during the fourth quarter. Rollins Financial now owns 441,919 shares of the financial services provider’s stock worth $14,879,000 after buying an additional 48,998 shares in the last quarter. Finally, Gryphon Financial Partners LLC increased its stake in shares of Bank of America by 44.4% in the fourth quarter. Gryphon Financial Partners LLC now owns 11,664 shares of the financial services provider’s stock worth $393,000 after buying an additional 3,585 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 3.4 %

Bank of America stock opened at $38.78 on Friday. The firm has a market cap of $303.27 billion, a price-to-earnings ratio of 13.42, a price-to-earnings-growth ratio of 1.46 and a beta of 1.35. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. The firm’s 50 day moving average price is $40.30 and its two-hundred day moving average price is $38.49. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. During the same period in the previous year, the firm posted $0.88 EPS. The company’s quarterly revenue was up .7% on a year-over-year basis. On average, research analysts predict that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend is Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is presently 35.99%.

Bank of America announced that its board has initiated a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Evercore ISI boosted their price objective on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. BMO Capital Markets increased their target price on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $48.00 target price (up previously from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $42.22.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the sale, the insider now owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 112,670,620 shares of company stock valued at $4,651,681,930. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.